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what it is
Southern Copper digs up copper and other metals, then processes them into sale-ready metal in Peru and Mexico.
how it gets paid
Last year So. Copper made $13.4B in revenue. Copper was the main engine at $10.7B, or 80% of sales.
why it's growing
Revenue grew 17.4% last year. The business got help from stronger copper prices and better volumes in zinc.
what just happened
Southern Copper's last report beat estimates by 25.86%, while reported Revenue reached $9.6B.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
60/100 earnings predictability — reasonably predictable
29.4x trailing p/e — priced about right
2.2% dividend yield — cash in your pocket every quarter
27.0% return on capital — every dollar works hard here
xvary composite: 68/100 — average
What they do
Southern Copper digs up copper and other metals, then processes them into sale-ready metal in Peru and Mexico.
This company controls more of the chain than most miners. Integrated producer → it mines, smelts, and refines its own metal → so more of each copper dollar stays in-house. You can see it in the 52.2% operating margin and 27.0% return on capital from the company profile.
How they make money
$13.4B
annual revenue · their business grew +17.4% last year
Copper
$10.7B
+17.4%
Molybdenum
$1.2B
+10.4%
Silver
$0.8B
+10.4%
Zinc
$0.5B
+10.4%
Other
$0.1B
+17.4%
The products that matter
primary copper output
copper concentrates
about 80% of revenue
it drives about 80% of sales. when copper moves, most of the $17B business moves with it.
core driver
high-value mining byproduct
molybdenum
margin support
the page does not show a standalone revenue split here. what matters is that molybdenum comes out alongside copper and helps support that 58% operating margin.
byproduct upside
secondary metal production
zinc & silver
about 20% of sales
these metals make up about 20% of revenue. they do not change the story, but they keep SCCO from being a one-line income statement.
mix cushion
Key numbers
52.2%
operating margin
Operating margin → what is left after running the business → so what: this miner keeps an absurd amount of each sales dollar.
27.0%
return on capital
Return on capital → profit earned on money tied up in the business → so what: the assets are productive, not just expensive holes in the ground.
$6.7B
long debt
Long-term debt is only 5% of capital, which gives this company room to survive a bad metals cycle better than many miners.
29.4x
trailing multiple
Trailing multiple → how much you pay for the last year of profit → so what: you are paying a premium price for a cyclical business.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 45 / 100
- long-term debt $6.7B (5% of capital)
- net profit margin 30.4% — keeps 30 cents of every dollar in revenue
- return on equity 40% — $0.40 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in SCCO 3 years ago → it's now worth $28,240.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
Southern Copper's last report beat estimates by 25.86%, while reported Revenue reached $9.6B.
The business got help from stronger copper prices and better volumes in zinc, molybdenum, and silver. There is a data mismatch in the provided sources: the consensus snapshot shows $1.56 per share versus a $1.24 estimate, while the filing summary lists $3.71 per share for the latest quarter.
$9.6B
revenue
$1.56
profit per share
25.86%
surprise
the number that mattered
The 25.86% beat matters most because this stock already trades at 29.4 times trailing earnings, so it needs clean wins to justify the price.
-
southern copper corp. likely had an impressive bottom-line performance in 2025.
-
through the first nine months, earnings per share soared about 14.8%, to $3.65, relative to the $3.18 figure registered for the same period last year.
-
that was made possible largely by a 10.4% rise in sales, supported partially by higher prices for copper (the main product), molybdenum, silver, and zinc.
-
greater sales volumes for zinc, molybdenum, and silver also aided the top line.
-
a surge in interest income provided further support.
source: company earnings report, 2026
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What could go wrong
the part that can break this story is peru disruption and lower ore grades. the margin profile is elite. the geography risk is real.
high
Peru concentration
Peruvian operations account for $8.1B in revenue in this snapshot. Community protests, permitting friction, or politics do not need to last long to matter.
A serious disruption would hit the bigger operating region, not a side asset.
med
copper price sensitivity
About 80% of revenue comes from copper concentrates. When copper prices fall, SCCO does not get to diversify its way out of the problem.
The stock trades at 29.4x trailing earnings, so a weaker copper tape can compress both profits and the multiple.
low
minority-shareholder reality
Grupo Mexico owns 88.9% of the stock. You can own the economics. You do not control the governance.
Your vote is diluted by a factor of 9, which matters more if capital allocation ever stops looking friendly.
$8.1B of revenue sits in Peru, about 80% of sales ride on copper, and 2026 output is guided to 911,400 tons. you are paying a premium multiple for that mix.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
2026 production guide
Management guided to 911,400 tons for 2026, down 4.7% from 2025. If that number moves again, the stock will notice.
risk
Peruvian ore grades
Lower ore grades mean fewer pounds of copper for the same effort. That is how a good mine starts looking less magical.
metric
29.4x earnings
That multiple is rich for a commodity producer. The catch: SCCO has to keep earning elite margins while the metal cycle stays cooperative.
trend
institutional buying streak
Funds have been net buyers for 3 straight quarters. If that reverses while guidance stays soft, you lose an important source of support.
Analyst rankings
short-term outlook
top 20%
outlook rank 2 — analysts expect above-average price performance over the next 12 months. in human-speak, they still like the setup.
risk profile
average
risk rank 3 — not a bunker stock, not a roulette wheel. The mine quality helps. The commodity exposure cancels some of that out.
chart momentum
average
momentum rank 3 — the tape is not giving you a loud signal either way.
earnings predictability
60 / 100
earnings are only moderately predictable because copper prices and production levels do part of management's talking for them.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 459 buyers vs. 246 sellers in 3q2025. total institutional holdings: 71.1M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$78
$182
$144
current price
$130
target midpoint · 10% from current · 3-5yr high: $190 (+30% · 9% ann'l return)
Want the deeper analysis?
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